Comments for Latest Word on Financial Speculation Taxes: The WSJ Has Never Heard of the London Stock Exchange at http://www.cepr.net , comment 1 to 11 out of 11 comments http://www.cepr.net Wed, 22 May 2013 15:55:49 +0100 FeedCreator 1.7.3 http://www.cepr.net/index.php/blogs/beat-the-press/latest-word-on-financial-speculation-taxes-the-wsj-has-never-heard-of-the-london-stock-exchange#comment-12704 It would have been helpful to have data to show the economic impact of initially implementing a transaction tax. - Rich Hodde Mon, 07 Nov 2011 06:52:29 +0100 http://www.cepr.net/index.php/blogs/beat-the-press/latest-word-on-financial-speculation-taxes-the-wsj-has-never-heard-of-the-london-stock-exchange#comment-12664 here is the link to the European Commission paper i believe you are referring to: http://ec.europa.eu/taxation_customs/resources/documents/taxation/other_taxes/financial_sector/summ_impact_assesmt_en.pdf you did not accurately represent the conclusion the commission reached on the effect of a financial transaction tax on GDP growth and unemployment. it was more complex and much less categorical than you have depicted here. - rede Sat, 05 Nov 2011 09:08:26 +0100 http://www.cepr.net/index.php/blogs/beat-the-press/latest-word-on-financial-speculation-taxes-the-wsj-has-never-heard-of-the-london-stock-exchange#comment-12658 Anonymous, your quarrel is with the UK revenue service, not me. They think they are getting lots of money from this tax (check the cites in my paper). You seem convinced that they are not because everyone evades it. Perhaps you can straighten them out. - Dean Sat, 05 Nov 2011 04:16:14 +0100 http://www.cepr.net/index.php/blogs/beat-the-press/latest-word-on-financial-speculation-taxes-the-wsj-has-never-heard-of-the-london-stock-exchange#comment-12657 Wait! Izzy has a point--raise death taxes and fewer will die! - bmz Sat, 05 Nov 2011 04:11:57 +0100 http://www.cepr.net/index.php/blogs/beat-the-press/latest-word-on-financial-speculation-taxes-the-wsj-has-never-heard-of-the-london-stock-exchange#comment-12652 I'm sorry, but this is nonsense. I agree with your sentiment and desires here, but you need to stay grounded somewhat in the facts. Do some journalism: try to find out what percentage of high-frequency traders on the LSE are subject to this tax? Then the fraction of trades by Hedge funds or similar on the LSE that pay this tax? Maybe the fraction of all trading? Not getting much? Lost in the zeros? Maybe look bottom up - is anyone paying this tax (yes, a few people), who are they (do I need to foreshadow this?), and even then what percentage of _all_ trading pays this tax (hint, it starts with a zero, and has several more zeroes before you get something else). There is a transaction tax on the books, a stamp fee, that occasionally hits some people - yes - but you need at least some basic further research as to what and when it hits. There is a story here. Indeed, several, if you look the right way. But it needs work. Real journalism. Your article as is is basically dishonest. For practical purposes, the LSE does not operate under a 0.5% tax on transactions. With respect, you don't yet understand enough to even usefully disagree with this point. Learn. Great stories lie therein. - anonymous Fri, 04 Nov 2011 17:41:59 +0100 http://www.cepr.net/index.php/blogs/beat-the-press/latest-word-on-financial-speculation-taxes-the-wsj-has-never-heard-of-the-london-stock-exchange#comment-12651 Now I feel silly. This dopey fuck is obviously either retarded or trolling: "The WSJ didn't miss the housing bubble. It knew there was a higher power than mere market prices driving it - socialist taxes - the same kind that will cause a Great Double Dip if implemented on financial transactions. " In what universe would that make any sense? - Jim Fri, 04 Nov 2011 16:18:01 +0100 http://www.cepr.net/index.php/blogs/beat-the-press/latest-word-on-financial-speculation-taxes-the-wsj-has-never-heard-of-the-london-stock-exchange#comment-12650 "If the WSJ had heard of the London Stock Exchange they would know that it has a 0.5 percent tax on stock trades" And if you had any understanding of economics you would be aware around 70% of those transactions are exempt and are so for good reason - why would the UK government refuse a tax you claim they already have? The EU commissions own analysis report states a 1.8% reduction in GDP across Europe as a result of this tax and that was only from assessing its impact on security's - Its true impact will be the loss of half a million plus jobs and billions per year of tax revenue - IT COSTS MORE THAN IT CAN EVER MAKE.. - k Fri, 04 Nov 2011 15:50:18 +0100 http://www.cepr.net/index.php/blogs/beat-the-press/latest-word-on-financial-speculation-taxes-the-wsj-has-never-heard-of-the-london-stock-exchange#comment-12649 Izzatzo: read the fucking piece before you embarrass yourself. Oh wait.. - Jim Fri, 04 Nov 2011 15:50:09 +0100 http://www.cepr.net/index.php/blogs/beat-the-press/latest-word-on-financial-speculation-taxes-the-wsj-has-never-heard-of-the-london-stock-exchange#comment-12648 what planet are you on, izzatzo? - Greg S Fri, 04 Nov 2011 15:42:04 +0100 http://www.cepr.net/index.php/blogs/beat-the-press/latest-word-on-financial-speculation-taxes-the-wsj-has-never-heard-of-the-london-stock-exchange#comment-12647 [quote]Maybe the WSJ editorial writers will one day be able to escape its right-wing dungeon and get some facts about the world.[/quote] And promptly be fired! (For, as we know, reality has a a liberal bias....) - John Q Fri, 04 Nov 2011 15:24:18 +0100 http://www.cepr.net/index.php/blogs/beat-the-press/latest-word-on-financial-speculation-taxes-the-wsj-has-never-heard-of-the-london-stock-exchange#comment-12646 [quote]"The main reason the scheme hasn't been enacted anywhere is that even a small tax on every financial transaction would drive business someplace else unless everyone was in it together.[/quote] Exactly. Any economist is aware of government failure known as the Cat Herd Effect associated with fatally flawed regulations and taxes. When something is prohibited or taxed it simply moves to the next point of least resistance to avoid it, causing it to be elastic instead of inelastic. The only exception is property tax which cannot be avoided and has become the tax of last resort, which explains why property taxes were the main driver of the Deep Recession through the negative income effect from more houses purchased at higher prices as Giffin Goods rather than the usual price substitution effect of moving into smaller houses. The WSJ didn't miss the housing bubble. It knew there was a higher power than mere market prices driving it - socialist taxes - the same kind that will cause a Great Double Dip if implemented on financial transactions. Stupid liberals. - izzatzo Fri, 04 Nov 2011 15:03:24 +0100